Business Reporter
PRESIDENT Emmerson Mnangagwa has appointed Zimbabwe’s sixth substantive exchequer, Doctor John Mangudya as the new CEO at the Mutapa Investment Fund.
He made the announcement late Friday afternoon through his Chief Secretary, Doctor Martin Rushwaya.
“His Excellency the President has in terms of Section 8 (b) (1) of the Soveriegn Wealth Fund Act (Chapter 22:20) appointed Dr. John Pamonetsa Mangudya to the post of Chief Executive Officer of the Mutapa Investment Fund.
“Dr Mangudya’s 10 year term of office at the helm of the Reserve Bank of Zimbabwe ends on 30 April 2024 in terms of Section 15 (3) of the Reserve Bank of Zimbabwe Act,” he said in a statement.
Born on October 5 1963 , Mangudya was appointed to the position of central bank governor by the late former President Robert Mugabe in March 2014.
He succeeded Gideon Gono as the governor of Zimbabwe’s central bank and became the nation’s 6th central bank governor.
He holds Bachelor’s and Master’s degrees in economics from the University of Zimbabwe, where he won several book prizes due to his excelling academic performance.
The outgoing RBZ governor also holds s a PhD in Economics from Washington International University.
Mangudya first joined the RBZ in 1986 as an economist before his departure in 1996 when he proceeded to join the Afreximbank as the Southern Africa Regional Manager.
He left the continental group in 1999 to assume the position of General Manager at the CBZ Bank where he rose through the ranks until he accrued the position of Group Chief Executive Officer until he retired in 2014 to assume the office of the central bank governor.
The renowned banker has been at the helm of the nation’s top banking institution for a decade where he served the nation with due diligence, navigating through difficult times but stirring the country’s Monetary Policy to attain the current stability.
He took over the helm shortly after the end of the Government of National Unity’s tenure which ran between 2009 and 2013.
At the time the economy was facing challenges associated with a total dollarization trajectory pursued during the power sharing era which saw local demand and exports going down due to the expensive nature of relying on the US$ .
He is credited for spearheading the introduction of the bond notes and cautiously walking the nation through the reintroduction of the Zim dollar.
Despite backlash from critics, Mangudya kept his head above the waters keeping his feet pressed down as he introduced a cocktail of supporting measures to keep the ZWL on shore.
He is set to leave behind the legacy of relative price stability, sustainable inflation margins and a liquid economy which has done its best given the circumstances to render meaningful support to business and industry.
About Mutapa Investment Fund
Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20).[3] It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023.
It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.
It manages 20 parastatal entities
